Factbox: What to watch for at G20 summit in Argentina

(Reuters) - Global leaders will gather in the Argentine capital Buenos Aires this week for the Group of 20 summit, a meeting of the world’s largest economies responsible for 85 percent of global economic output and two-thirds of the world’s population.

A man takes pictures of a board with the G20 Meeting of Finance Ministers logo in Buenos Aires, Argentina, March 19, 2018. REUTERS/Marcos Brindicci

While leaders will try to build consensus on key issues, the talks will be overshadowed by trade tensions between the United States and China.

Below is a breakdown of what to expect from the two-day summit, taking place Friday and Saturday:

WHAT ARE THE KEY ISSUES AT THE SUMMIT?

Leaders will discuss the global economy, the future of labor markets and gender equality issues. They will also talk about macroeconomic policy, the digital economy, reform of the World Trade Organization, financial regulation, taxation and trade issues.

U.S. President Donald Trump’s tariffs on imports from major trading partners, particularly China, will likely dominate the conversation.

Trump and Chinese President Xi Jinping will meet for the first time since Washington imposed tariffs on $250 billion in Chinese imports and China retaliated with its own measures.

China hopes to convince Washington to hold off on hiking tariffs to 25 percent from 10 percent on Jan. 1. But officials from both countries are skeptical of any major breakthroughs that could lead to a resolution in the trade war.

Delegates will also discuss climate change, another contentious issue after Trump last year announced his intent to withdraw the United States from the Paris climate accord.

WILL LEADERS SIGN A COMMUNIQUE?

This month’s Asia Pacific Economic Cooperation (APEC) summit failed to reach consensus on a communique, so there is a question over whether world leaders will be able to reach an agreement at the G20, particularly around trade and climate change.

Officials from some member countries helping to prepare for the meeting say they are hopeful it will end with a communique, although they acknowledge it will probably be watered down to avoid contentious issues. The officials, known as “sherpas”, convened on Monday in Buenos Aires to begin final negotiations on the communique.

WHICH ARE THE MEETINGS TO WATCH?

The summit’s most closely watched meeting will be Friday’s between Trump and Xi. The outcome could determine whether the U.S.-China trade dispute will de-escalate, or intensify.

Trump is also expected to meet with Russian President Vladimir Putin. The two are expected to discuss the Intermediate-Range Nuclear Forces (INF) Treaty after Trump said in October the United States would quit the agreement because Russia was not honoring it.